As the housing market turns the corner into new boom territory thousands of individuals are looking to get into real estate investing. Unfortunately many seriously underestimate the high cost of the DIY approach to learning how to flip houses. While wholesaling might be the easiest, fastest and most profitable way for many to take advantage of the housing market today, once aspiring investors get ready to go to work they quickly realize how much they really don’t know.
I’ve bought lots of real estate courses in my time some good, some not so good but I always learned a little something from each one. The thing that I notice when talking too many of my students for the first time is that they all say the same thing to me. It goes a little something like this, ” I’ve got a boat load of real estate courses on my shelf that cost me a kazillion dollars and I still haven’t closed a deal” or ” They said that they would help me after I bought the course but the person I talked to at the company seems to know less than I do about lease options”
Here’s the main problem with the real estate course buying student as I see it and it ain’t pretty. It’s called the magic bullet addiction. This lease purchase course will make you rich in 8 hours and the next one will do it 4 hours but wait, this one will do it in 2 hours. It’s an addiction and like all addictions it usually ends in disaster. Now don’t get me wrong I’ve learned a lot from real estate courses I’ve bought over the years but the difference between people like me and those with the addiction is that we’re looking for a little something that might help not the magic bullet to take us to the promise land. News flash, there ain’t no such thing as a magic bullet!
Having said all of the above I’m going to contradict myself and tell you that there is something very close to a magic bullet. It’s called a mentor or if you prefer a coach. Do you know of any big time athlete who doesn’t have a coach? How about great chess players, I bet they have a coach. What about people that join weight loss programs and succeed I’ll bet they had a coach. The thing of it is if you have someone coaching you that know what they are doing you’ll cut your learning curve down drastically and if you listen and learn you’ll succeed.
Now here’s the next problem we have to deal with and this ain’t pretty either. I have no problem with mentors that charge enough to buy a car and some of them are probably worth it. However, I see it another way.
Imagine if you will a mentor that had a financial interest in seeing his student succeed. What if a mentor didn’t get paid until his charge actually completed a rent to own deal and made money. In my world it’s called Earn While You Learn Mentoring and it takes the sticker shock out of mentoring and levels the playing field for students that don’t have enough money to finance a Guru’s next vacation.
Is it really worth investing in wholesaling real estate courses, if so how do you judge if a given program is worth it and what criteria should you use to evaluate and differentiate between today’s line up of investing gurus?
Today there are many types of wholesaling and real estate courses, different mediums to study them in from podcasts to live coaching and just as many investing ‘gurus’ pushing their own brand of education.
Whether or not to invest in these investing education programs has become a huge debate with some attempting the DIY approach and relying on their guerrilla education from watching reality TV, while some just choose to dive in head first and others opt for full on coaching and mentoring.
So how do you choose between taking the DIY approach and investing in your education?
Perhaps the best question is what do you have to lose by not taking advantage of organized wholesaling real estate courses?
The doubters may be correct in the fact that there is a ton of free information out there floating around the web and in cheap old used books and even some tips to be found on TV. However, not only is this education incredibly fragmented and hard to discern between the good and bad, it normally barely reveals the tip of the iceberg of the real nuts and bolts and advanced information that is required to be truly successful in flipping real estate.
By taking the do-it-yourself approach to your education you sacrifice speed, become vulnerable to all types of risks, mistakes and pitfalls, put your reputation on the line, and certainly won’t realize the best possible returns, lack focus and worst of all will likely create a model that cripples your future potential.
Clearly those that try and skimp on the investment in their education are actually doing themselves far more harm than good. However, that doesn’t mean you should spend wildly. It is all about business and ultimately about return on investment.
What kind of Real Estate License School?
Be cautious when picking a school. Some schools are somewhat new and have written their own online courses. Look for courses which are written by authors who are recognized. For example: Gaines, Coleman, & Crawford.
How long time does it take to get a Real Estate License?
Look for online schools that allow you a full year to complete your pre license course. Some schools offer you just a few months to complete, and that can be a problem if you run into trouble during the course. You will get to learn: property basics, ownership transfer, real estate law, math, contracts and escrow.
How about support from the Real Estate License School?
Look for online school that offer 24 hour 7 Day a week instructor support. Some schools offer you a 24 to 72 hour call back or email reply, and that can be a long time to wait for reply.
What happens after your course?
The pre license course gives you the credit you need in order to become a professional licensed Real Estate Sales Associate (Salesperson). And after completing the pre license course online you have met the educational prerequisite to sit for the State Exam.
After you have completed training and become a licensed Real Estate Agent, there will be ongoing continuing education requirements. The usual minimum is 15 hours or so every 2 years more or less depending on your state.